Pactiv Evergreen (NASDAQ:PTVE) Sees Unusually-High Trading Volume – Time to Buy?

Pactiv Evergreen Inc. (NASDAQ:PTVE) saw unusually-strong trading volume on Tuesday . Approximately 1,453,715 shares traded hands during trading, an increase of 188% from the previous session’s volume of 503,935 shares.The stock last traded at $17.34 and had previously closed at $17.32.

Analyst Upgrades and Downgrades

Separately, Citigroup reiterated a “neutral” rating and issued a $18.00 target price (up previously from $13.00) on shares of Pactiv Evergreen in a report on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $15.14.

Pactiv Evergreen Price Performance

The stock has a 50 day moving average of $12.98 and a 200-day moving average of $12.04. The company has a current ratio of 1.93, a quick ratio of 1.04 and a debt-to-equity ratio of 3.26. The stock has a market capitalization of $3.11 billion, a P/E ratio of -18.83, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35.

Pactiv Evergreen (NASDAQ:PTVE) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.03. Pactiv Evergreen had a negative net margin of 3.16% and a positive return on equity of 14.41%. The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the business posted $0.32 earnings per share. The business’s revenue for the quarter was down 3.3% on a year-over-year basis. On average, equities research analysts anticipate that Pactiv Evergreen Inc. will post 1.03 earnings per share for the current fiscal year.

Pactiv Evergreen Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, December 2nd were issued a $0.10 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.31%. Pactiv Evergreen’s payout ratio is -43.48%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of Pactiv Evergreen by 0.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,088,854 shares of the company’s stock worth $12,535,000 after buying an additional 10,158 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Pactiv Evergreen by 43.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 38,833 shares of the company’s stock worth $447,000 after acquiring an additional 11,670 shares in the last quarter. Clearline Capital LP increased its position in Pactiv Evergreen by 15.6% during the 3rd quarter. Clearline Capital LP now owns 167,558 shares of the company’s stock valued at $1,929,000 after purchasing an additional 22,569 shares during the period. Paloma Partners Management Co bought a new stake in shares of Pactiv Evergreen in the 3rd quarter valued at about $178,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Pactiv Evergreen in the 3rd quarter worth approximately $215,000. 22.23% of the stock is currently owned by hedge funds and other institutional investors.

Pactiv Evergreen Company Profile

Pactiv Evergreen Inc manufactures and distributes fresh foodservice and food merchandising products, and fresh beverage cartons in the United States, rest of North America, and internationally. It operates in two segments, Foodservice, and Food and Beverage Merchandising. The Foodservice segment offers food containers; drinkware, such as hot and cold cups and lids; and tableware, service ware, and other products.